The bitcoin fraud

[Rockapotomuss]

First, I bought back in July 2013 for $80, no sour grapes here. I think bitcoin will probably go up to $100k, if not $1mil. That said, bitcoin is the most epic scam of our time. 5 reasons why it is doomed to fail:

1. There’s a finite supply of coins, which means it’s inherently deflationary and therefore won’t be used as a currency because of price instability.

2. No one can know who made it and whoever made it is sitting on a huge stash of coins

3. The price is easily spoofed by bots trading between cryptos on various exchanges. Miners get all transaction fees and miners can therefore spoof unlimited times by trading between themselves.

4. Forks determined by miners. Miners have created the ultimate centralization. The miners who control the hardware for sale always have the edge and may have preferences for their own network. No one can know how many miners are subsidiaries of each other. Miners can create forks at any time to artificially inflate market cap.

5. USD is a small portion of market cap. Most sales are to alt-coins. Try selling on coinbase when price drops. Even if prices goes to $100k, you will only ever be able to get a limited USD out per day, maybe you’ll get $30k back if you’re lucky.

video to explain in more detail:

 

[RockstarChris]

i failed because i didnt buy any

 

[bobgeese]

Wish I got in on the fraud years ago...

 

[uncommon]

3. The price is easily spoofed by bots trading between cryptos on various exchanges. Miners get all transaction fees and miners can therefore spoof unlimited times by trading between themselves.

sounds like hft which isnt inherently bad.

if the price is artificially increased a that gives a real person a chance to sell at increased prices which will ultimately seek a balance.

anyways didnt the government shut down the silver currency game in the 80s when saudi princes got involved?

if bitcoin presents an actual threat it will get shut down by the force of law, which is ultimately the force of guns to your head.

the bigger bitcoin gets when it gets shut down the bigger the message of compliance to the dollar will be.

 

[waiguoren]

First, I bought back in July 2013 for $80, no sour grapes here. I think bitcoin will probably go up to $100k, if not $1mil. That said, bitcoin is the most epic scam of our time. 5 reasons why it is doomed to fail:

1. There’s a finite supply of coins, which means it’s inherently deflationary and therefore won’t be used as a currency because of price instability.

2. No one can know who made it and whoever made it is sitting on a huge stash of coins

3. The price is easily spoofed by bots trading between cryptos on various exchanges. Miners get all transaction fees and miners can therefore spoof unlimited times by trading between themselves.

4. Forks determined by miners. Miners have created the ultimate centralization. The miners who control the hardware for sale always have the edge and may have preferences for their own network. No one can know how many miners are subsidiaries of each other. Miners can create forks at any time to artificially inflate market cap.

5. USD is a small portion of market cap. Most sales are to alt-coins. Try selling on coinbase when price drops. Even if prices goes to $100k, you will only ever be able to get a limited USD out per day, maybe you’ll get $30k back if you’re lucky.

video to explain in more detail:

You seem to believe you have it figured out. If so, please offer a concrete prediction (e.g., price at a specific future time) so that we may know if you have any idea what you are talking about.

 

[Rockapotomuss]

You seem to believe you have it figured out. If so, please offer a concrete prediction (e.g., price at a specific future time) so that we may know if you have any idea what you are talking about.

Whenever the next liquidity crisis hits and people need cash. We went from the 80s to 2008 for two, almost 20 years. We’re almost 10 years into this cycle. It could take a while yet.

 

[tonni]

nice wall

 

[SwamiLeoni]

#FUD!

 

[RockstarChris]

im still wondering what a bitcoin looks like.

 

[Long Dark Blues]

Fraud or not, I sold some silver that I aquired at $6/ozt back in the 90's and bought me some Ether in hopes to ride that wave.

 

[Rex Kwon Do]

You're right, bitcoin is a fraud.

Savvy investors know dogecoin is the future.

 

[snakedafunky]

im still wondering what a bitcoin looks like.

1010100101010101001010100101011111110000000111010101010100000110101010101001010101001001010101000000110101

 

[RockstarChris]

1010100101010101001010100101011111110000000111010101010100000110101010101001010101001001010101000000110101

if i see one and it is facing with a 1 up do i pick it up or leave it on the ground? Is it bad luck?

 

[AviatorShades]

One simple principle: Always invest in cryptocurrency but don't get attached to a particular one. Currency itself is now a technology. Bitcoin will become obsolete some day but other cryptos will blow up in its place. What's going to change is the permanence of stagnant wealth (the extreme bleeding edge free market once again offers better solutions to the problems described by socialism).

 

[LiveFreeorDie]

Also, Bitcoin is limited to how many trades it can do per second. Maybe the creator of Bitcoin is somewhere in the newly released JFK files?

 

[RockstarChris]

You're right, bitcoin is a fraud.

Savvy investors know dogecoin is the future.

bow wow wow yippe yo yippe yay

 

[IDL]

Also, Bitcoin is limited to how many trades it can do per second. Maybe the creator of Bitcoin is somewhere in the newly released JFK files?

haha yeah the mysterious creator.

To me it reeks of some government type operation, sort of like how the Tor network was.

 

[VivaRevolution]

First, I bought back in July 2013 for $80, no sour grapes here. I think bitcoin will probably go up to $100k, if not $1mil. That said, bitcoin is the most epic scam of our time. 5 reasons why it is doomed to fail:

1. There’s a finite supply of coins, which means it’s inherently deflationary and therefore won’t be used as a currency because of price instability.

2. No one can know who made it and whoever made it is sitting on a huge stash of coins

3. The price is easily spoofed by bots trading between cryptos on various exchanges. Miners get all transaction fees and miners can therefore spoof unlimited times by trading between themselves.

4. Forks determined by miners. Miners have created the ultimate centralization. The miners who control the hardware for sale always have the edge and may have preferences for their own network. No one can know how many miners are subsidiaries of each other. Miners can create forks at any time to artificially inflate market cap.

5. USD is a small portion of market cap. Most sales are to alt-coins. Try selling on coinbase when price drops. Even if prices goes to $100k, you will only ever be able to get a limited USD out per day, maybe you’ll get $30k back if you’re lucky.

video to explain in more detail:

Lol, now look into FIAT money, and see what a scam that is.

 

[VivaRevolution]

haha yeah the mysterious creator.

To me it reeks of some government type operation, sort of like how the Tor network was.

You see putin banned all crypto-currency except for the new state sanctioned Russian crypto-currency?

 

[LiveFreeorDie]

haha yeah the mysterious creator.

To me it reeks of some government type operation, sort of like how the Tor network was.

Agreed 1000000% a way spies can transfer currency untraced, that ends up being used for drugs and philia sponsored by .gov